Government Policy of Financial Stability

2008 ◽  
pp. 51-61
Author(s):  
S. Moiseev
Keyword(s):  
Government Policy ◽  
Financial Stability ◽  
Deposit Insurance ◽  
Credit Rating ◽  
Information Policy ◽  
The State ◽  
Fine Tuning ◽  
Russian Government ◽  
State Budget ◽  
Official Information

Russian government has prepared the package of measures to help the country’s financial system maintain financial stability. The paper discusses the state measures and formulates the propositions of Russian Union of Industrialists and Entrepreneurs (RSPP). The most important ones include coordination of regulators, unsecured refinancing and refinancing of external debts, guarantees of interbank loans, budget deposits in banks. The author analyzes subordinated loans for Russian banks from the state budget, nationalization of several banks and the future of government intervention in the stock market. Special attention is paid to the Deposit Insurance, the development of national credit rating system and the official information policy. The author believes that state measures need the following fine-tuning.

scholarly journals COMPONENTS OF THE BUDGET SYSTEM OF UKRAINE AS FACTORS OF FINANCIAL AND ECONOMIC SECURITY

2020 ◽  
Vol 1 (3) ◽  
pp. 29-34
Author(s):  
Oleh Holovko ◽  
Lilia Solomonova
Keyword(s):  
Public Debt ◽  
Financial Stability ◽  
Budget Deficit ◽  
Economic Security ◽  
The State ◽  
State Budget ◽  
Decentralization Reform ◽  
State Pension ◽  
Practical Recommendations ◽  
Budget System

The purpose of this study is to analyze the components of the budget system of Ukraine as factors of financial and economic security to identify negative trends in the context of the implementation of decentralization reform. It is proved that the research of this direction should start with the analysis of the conceptual apparatus and structural relationships between categories. At the top level of the hierarchy there is the category of national security of Ukraine, which, according to current legislation, means the protection of state sovereignty, constitutional order and other national interests of the country from real and potential threats. The category of financial and economic security is also often used in the scientific literature. Given the above classification, in this case we are talking about the financial security of the country as a factor of economic security. Methodology. To stimulate economic development, the practice of modern budget regulation provides for the presence of a planned deficit, which is a source of local and public debt. Depending on the areas of its financing, there are domestic and foreign, local and national debts. The relationship between the above indicators determines the level of budget security of the country, which is one of the most important factors of financial stability was identified in the work. Results. It is proved that, according to the results of the analysis, practical recommendations on budget policy of Ukraine as a factor of financial and economic security should take into account the following steps: against the background of growing social burden on the budget, it is necessary to continue the redistribution of budget funds in favour of the regions, which will increase their level of financial autonomy and reduce the amount of transfer payments; pursue a strict restriction policy to prevent the growth of the state budget deficit and uncontrolled increase in debt; the problem of pension provision increases the burden on the state budget every year. It is necessary to take measures to create a cumulative system of state and non-state pension insurance. Practical implications. The practical consequences prove that in 2016 the public debt of the consolidated budget of Ukraine reached a record 81% of GDP. However, effective economic and budgetary policy allowed to reduce it in 2019 to 50.3%, which was positive. Moreover, the share of external debt was 29.2%. The high budget deficit in 2020 will lead to an increase in debt to 58.7% of GDP, which offsets the previous positive changes. It is determined that at the beginning and at the end of the study period the expenditures of the pension system of Ukraine have been equal to about 10% of GDP. At the same time, financing from own revenues has decreased from 8% to 6%, which is negative. The most critical situation became after 2013, when this indicator began to decline rapidly, increasing the burden on the state budget. Value/originality of the work is an analysis of the components of the budget system of Ukraine as factors of financial and economic security, which in contrast to the existing ones is based on the need for further implementation of decentralization reform and allows to develop practical recommendations for budget regulation.

STUDY OF THE DYNAMICS AND STRUCTURE OF THE STATE DEBT OF UKRAINE, METHODS OF ITS OPTIMIZATION

2018 ◽  
Author(s):  
Stepan Paranchuk ◽  
◽  
Roksolana Skip ◽  
Keyword(s):  
Public Debt ◽  
Financial Stability ◽  
The State ◽  
State Budget ◽  
Government Bonds ◽  
Advantages And Disadvantages ◽  
Safe Level ◽  
Domestic Debt ◽  
The Government ◽  
External Borrowing

One of the leading problems of Ukraine's economy at the present stage of its development is the issue of public debt, the constant increase in its size, irrational structure, which creates the preconditions for the dollarization of the national economy. Public debt is an important element of a market economy. As of today, there is no state that would not use borrowed funds. Borrowing by the state is due to the lack of own financial resources needed to finance the state budget and state functions. If used effectively, borrowed funds can be a positive factor in economic growth, but otherwise the increase in debt leads to economic dependence, deteriorating financial stability, as well as the financial crisis. The article reveals the issue of public debt of Ukraine, analyzes the dynamics of its value from 2009 to 2021 and identifies the reasons for the growth and / or reduction of this indicator. A study of the structure of debt obligations on the basis of the creditor, analyzed the advantages and disadvantages of internal and external borrowing. The article also provides a detailed description of the structure of internal and external creditors, the main tools used by the Government of Ukraine to attract domestic loans. Particular attention is paid to the analysis of domestic debt in terms of the structure of domestic government bonds. The ratio of public debt to gross domestic product and its comparison with the marginal and safe level are considered. A forecast was made for the amount of public debt for the future.

scholarly journals Social impacts of health care reforms in Russia

2020 ◽  
Vol 210 ◽  
pp. 17011
Author(s):  
Tatyana Tagaeva ◽  
Lidiya Kazantseva
Keyword(s):  
Public Health ◽  
Health Care ◽  
Transition Process ◽  
The State ◽  
Healthcare Sector ◽  
Russian Government ◽  
State Budget ◽  
Factors Affecting ◽  
The Government ◽  
The Impact

The article considers the stages of healthcare sector reforms in Russia and the impact of this process on public health as the main indicator of the social state. A definition of public health is given; the scientific significance and relevance of the research are justified. The works of foreign and domestic authors, their approaches to the study of factors affecting public health are analysed. The analysis of the state of public health in 80s-90s of the last century during the political and economic crisis is made; the transition process from the so-called “budget-funded” financing model to the “insurance” one is described. Based on statistics and expert assessments, as well as international confrontations, conclusions are drawn about the multi-year underfunding of the healthcare sector, primarily from the state budget. A new stage of reforms is analysed: since 2014, the Russian government has begun the so-called “optimization” of healthcare. Its goals, results, feedbacks from doctors and patients are stated. They show the new reform is a negative process for health system. The blunders of health care reform have been sharply marked with the beginning of the pandemic of coronavirus infection. The facts of the self-sacrificing work of the doctors and nursing personnel during the pandemic period, the measures of the Government and the society to support medical workers were described.

scholarly journals QUANTIFICATION OF THE ECONOMIC EFFECT FROM THE MANAGEMENT OF STATE FINANCE OF UKRAINE

2021 ◽  
pp. 69-86
Author(s):  
Alla KHOMUTENKO
Keyword(s):  
Financial Stability ◽  
Methodological Approach ◽  
Economic Effect ◽  
The State ◽  
Economic Effects ◽  
State Budget ◽  
Financial Flows ◽  
State Sector ◽  
Finance Management ◽  
State Finance

Introduction. The results achieved in managing state finances can be expressed through organizational, social and economic effects. They are dialectically related and, to a large extent, determine the degree of satisfaction of public interests that change over time. Financial indicators obtained in the budget sphere and in the state sector of the economy, characterize the economic effect of managing state finances. Economic effect, as a rule, confirms the feasibility of a functioning managerial apparatus and the effectiveness of its decisions in all spheres of society. The purpose of the article is to evaluate the economic effect of managing state finances of Ukraine, based on the author’s methodological approach, and substantiate the directions for its increase. Results. The indicators of the economic effect of state finance management are defined in the article. The analysis of individual indicators of fiscal, debt, investment and innovation stability in the state, as well as the financial stability of subjects of the state sector of the economy for 2008–2018. The tendencies of performance indicators of the plan of the State Budget of Ukraine, the reliability of the profitable part of Pension Fund of Ukraine, revenues from privatization, external state debt, efficiency and level of mastering of budget investments are established. The number and structure of the state sector, its financial contribution to the national economy are investigated. The necessity of carrying out a number of priority measures that will positively affect the indicators of the economic effect of managing state finances of Ukraine is substantiated. Conclusions. According to the results of the assessment of the economic effect of the efficiency of state finance management it is necessary to apply measures aimed at ensuring budgetary, debt, investment and innovation stability and financial stability of state sector entities. For example, it is necessary to improving the management of state-owned enterprises, in particular: 1) to change methodological approaches to assessing the effectiveness of state sector management; 2) to establish the relationship between the budget funding of the state sector of the economy and the results of its work; 3) to use budget lending as a tool for managing the initial financial flows of the state budget; 4) to increase the responsibility of heads of state enterprises for the results achieved by them. It is proposed to improve the management of budget investments due to: 1) the development of the institution of public-private partnership in certain areas of the economy such as infrastructure, science, etc.; 2) intensification of the use of innovation potential through the creation of innovation clusters, business incubators, etc.; 3) improving the quality of evaluation of the investment project, which will positively affect the effectiveness of its implementation; 4) reorientation of the directions of movement of funds from investments in means of production to investments in human resources, which has a long-term perspective, but with higher profitability; 5) securing for the state intellectual property rights for the development of state research institutes (patents, certificates, etc.), which will provide additional revenue from franchises and trademarks.

scholarly journals CURRENT ISSUES OF REGULATORY AND LEGAL SUPPORT OF BUDGET SECURITY IN UKRAINE

2020 ◽  
Vol 1 (4(106)) ◽  
pp. 56-63
Author(s):  
К. В. Бартащук
Keyword(s):  
Financial Stability ◽  
Banking System ◽  
Criminal Code ◽  
The State ◽  
Hierarchical Organization ◽  
State Budget ◽  
Economic Relations ◽  
Leading Role ◽  
Budget Policy ◽  
State And Local

The article is devoted to the characteristics of the regulatory and legal support of budget security in Ukraine. Regulatory and legal support of budget security is understood as a state view of its essence and content, which determines the official ideas and views that relate to it, including the conditions and procedure for cooperation between the state and society in ensuring budget security. A classification of doctrinal interpretations of the concept of "budget security" was proposed, namely: the ability of the state to effectively perform its own tasks and functions with the help of the budget; the ability of the banking system to ensure the rational formation and use of budget funds to ensure financial stability and independence of the state; the state of ensuring the solvency of the state; the process of developing, implementing and monitoring budget execution; an indicator for assessing the effectiveness of public policy in social and other spheres of public life and the performance of its functions. The author's interpretation of the concept of "budget security" as ensuring the safe state of public economic relations, which mediate the formation and use of a centralized fund of financial resources of state and local levels, designed to ensure the tasks and functions of these entities, creating conditions for development and strengthening democratic, social, legal state. It was proved that the regulatory and legal support of budget policy has a hierarchical organization and covers the Constitution of Ukraine, codes of Ukraine (Budget Code of Ukraine, Tax Code of Ukraine, Criminal Code of Ukraine, Code of Administrative Offenses), laws of Ukraine "On State Budget for… year" , a number of laws regulating relations in the field of budget security, as well as bylaws that ensure the implementation and enforcement of the mechanism of budget security of Ukraine, resolutions and regulations governing the work of state bodies and institutions in the field of budget security, decisions and normative legal acts of local authorities and local self-government bodies in the researched sphere. The leading role in the researched problems is played by a number of international acts ratified by Ukraine, the norms of which directly or indirectly concern ensuring the budgetary security of the country.

scholarly journals Natural Monopoly in Russia: State Regulation Problems

2017 ◽  
Vol 5 (1) ◽  
pp. 137-145
Author(s):  
Sergey Kirsanov ◽  
Evgeny Safonov ◽  
Sandra Ramirez
Keyword(s):  
Social Life ◽  
Optimal Path ◽  
State Regulation ◽  
The State ◽  
Natural Monopoly ◽  
Control Measures ◽  
Russian Government ◽  
State Budget ◽  
Gas Industry ◽  
State Corporation

Abstract The aim of the article is to reveal some aspects state regulation of natural monopoly in Russia, which are of paramount importance in economic and social life of the country. The optimal path to reforming the monopolized industries is currently a very topical question for Russia. The Russian government requires studying the foreign experience in this field and adapting it to the Russian conditions. Almost complete lack of transparency in the pricing of natural monopolies is one of the most important problems in Russia. In this connection, against the background of almost uncontrolled corruption in the country, the decision to increase tariffs for practically all services provided by monopolists, irrespective of the world prices for energy resources, causes distrust and just censures. The inefficient management of the state corporation Gazprom, a significant reduction in taxes transferred to the state budget, has not, until now, been the subject of thorough audit and critical analysis by the relevant government agencies. The Ministry of Energy does not attempt to reform the gas industry, for example, in the likeness of Scandinavian countries, where surprising results have been achieved in the operation of numerous energy suppliers. The increase of tax revenues to the country’s budget and the improvement of the quality of life of the population depend on to the scope of reforms of the industry the state will carry out based on a combination of administrative and economic control measures. Methods of investigation used: analysis, synthesis, comparative analysis.

scholarly journals Economic and Statistical Assessment of the Financial Stability of Local Budgets in Ukraine

2017 ◽  
pp. 31-38
Author(s):  
М. V. Dubynа
Keyword(s):  
Financial Stability ◽  
Comprehensive Analysis ◽  
The State ◽  
Financial Resources ◽  
Methodological Framework ◽  
Integral Index ◽  
State Budget ◽  
Cumulative Impact ◽  
Financial Transfers ◽  
Local Budget

The need for setting financial and economic stability of local budgets and an adequate degree of financial decentralization determines new requirements to the local budget administration. The article’s objective is to deepen the theoretical and methodological framework for assessment of the financial stability of local budgets. The existing theoretical and methodological framework for the analysis of processes involved in mobilization of financial resources to local budgets is shown, and the econometric assessment of the current financial stability of local budgets in Ukraine is given. A comprehensive analysis of the financial stability of local budgets in Ukraine is made, with demonstrating that the efficiency of the financial system in Ukraine is conditional on the financial capacities and financial stabilities of its territories. It is shown that the share of local budget revenues in the consolidated budget of Ukraine is too low. It is evidence of high centralization of financial resources in the state budget, making local self-governance bodies far less autonomous and independent. A comprehensive analysis of the financial stability of local budgets made by computing an integral index measuring the cumulative impact of integral estimates taken for the analysis: balance, financial autonomy, budget efficiency. The assessment of the financial stability of local budgets shows that the integral index of financial stability was growing in 2012-2016 due to the increasing local revenues of local budgets, although the reliance on financial transfers from the state budget was still very strong. A positive factor is emphasized, which is the legal acts on budget autonomy and financial independence of local budgets, issued during 2016. Further studies of issues related with strengthening the financial stability of local budgets will be focused on developing instruments for effective management of processes involved in mobilization and use of financial resources of local self-governance bodies.

scholarly journals BUDGET SURPLUS MANAGEMENT AND FISCAL “FINE TUNING”

2020 ◽  
Vol 0 (6) ◽  
pp. 84-97
Author(s):  
Mstislav Afanasyev ◽  
◽  
Natalia Shash ◽  
Keyword(s):  
Economic Growth ◽  
The State ◽  
Fine Tuning ◽  
State Budget ◽  
Macroeconomic Shocks ◽  
Global Pandemic ◽  
Positive Balance ◽  
Budget Consolidation ◽  
Fiscal Regime ◽  
Budget Surplus

The subject of research of this paper is the specifics of forming and managing a budget surplus when providing economic growth for the national economy. The results of analyzing the concepts of a budget balance are presented, and directions for managing a positive balance of the state budget are revealed. The specifics of the macroeconomic politics of a surplus are given, and it is revealed that forming a “new” fiscal regime – surplus regime – requires a radical restructuring of budget management. The general typical features of countries with a long-term period of a budget surplus are revealed: focus on budget consolidation on the expenditure side of the budget and the ensuing complex budget reforms made aft er achieving a surplus. It is discovered that one of the main reasons for supporting a stable surplus budget in a number of the world’s countries is the radical restructuring of economic and financial priorities, which was caused by serious macroeconomic shocks. It is noted that when assessing the possibility of maintaining a budget surplus in specifi c countries, it should be taken into account that unfavorable macroeconomic events such as the financial crisis of 2008 or the global pandemic of COVID-19 in the current year (2020) are of crucial signifi cance for maintaining a surplus. According to the results of a comparative analysis of the dynamics of the level of budget deficit and the rates of economic growth, using the example of Switzerland and Norway for 2009–2019, no direct correlation between these indicators was discovered, and it was concluded that there was a lack of empirical evidence and appropriate theoretical generalizations about the existence of a cause-and-effect relationship between economic growth and the type of balance (deficit, surplus, “zero-based”) of the state budget. The advisability of using the budget surplus to reduce the tax burden and to reduce the level of state debt was assessed.

scholarly journals Evaluation of state budget structural changes based on the coefficient method

2021 ◽  
Vol 18 (1) ◽  
pp. 55-64
Author(s):  
Serhiy Frolov ◽  
Sylwester Bogacki ◽  
Fathi Shukairi ◽  
Alina Bukhtiarova
Keyword(s):  
Public Finance ◽  
Financial Stability ◽  
Structural Changes ◽  
The State ◽  
Rate Of Change ◽  
Cost Structure ◽  
State Budget ◽  
Linear Coefficient ◽  
State And Local ◽  
The Cost

According to the current situation in the world economy connected with the coronavirus pandemic, it is difficult to predict GDP growth. Non-economic factors determine the rate of decline in economies of almost all countries. Accordingly, it is extremely difficult to ensure the stable functioning of financial systems. In this situation, the role of public finance, especially the state budget, significantly increases, given the peculiarities of the formation of different levels’ budgets. This research aims to evaluate state budget structural changes on the example of Ukraine. Based on the linear coefficient and the quadratic coefficient of absolute structural changes, the quadratic coefficient of relative structural changes, and integral coefficients of structural changes the authors analyzed the state of public finance in Ukraine since the formation of the state and local budgets and their optimal use to mitigate the effects of the pandemic on the economy can become one of the factors in maintaining financial stability and developing anti-crisis measures. The forecast values of the growth rate of budget revenues and expenditures confirm that the projected revenue gaps are significantly higher than the projected expenditure gaps. The cost structure of the state budget of Ukraine is characterized as a structure with a low level of differences. The Gatev and Ryabtsev coefficients demonstrate unidirectional dynamics. In contrast, Salai coefficient shows the opposite dynamics, which confirms a lack of stability in the cost structure. From 2008 to 2019, the chain rate of change has a significant variation range.

scholarly journals Deposit insurance system as a guarantee of depositor’s protection

2021 ◽  
Vol 12 (1) ◽  
Author(s):  
Olena Sova ◽  
◽  
Nataliia Poliakova ◽  
Keyword(s):  
Financial Stability ◽  
Deposit Insurance ◽  
Banking System ◽  
Well Being ◽  
The State ◽  
Household Savings ◽  
Negative Effects ◽  
Guarantee System ◽  
European Standards ◽  
The Stability

The article examines the state and trends in the development of the deposit guarantee system for individuals in Ukraine. The challenges and needs of improving the mechanism of centralized insurance protection of depositors are identified. The authors emphasize the growing role of the Deposit Guarantee Fund of individuals in the banking market and expanding the scope of its modern mechanisms to reduce the negative effects of bank bankruptcy, which is an important factor in ensuring the stability of the banking system. Emphasis is placed on considering the disposable income of domestic households, as this indicator is an eloquent indicator of improving the country’s economic well-being. Parallels were made in the analysis of quantitative indicators of state social guarantees, namely: the expression of the living wage and the amount of the minimum wage for 2016-2020. The size of the household savings growing is estimated. The importance of converting household savings into investments for economic development is determined and the number of deposits and the value of deposits for households in 2016-2020 are analyzed. The authors also illustrate the dynamics of changes in the UIRD indicator. The deposit guarantee system is presented as an important factor in the financial stability of the state economy. The article emphasizes the successful steps of legislative regulation of the subject composition of the Deposit Guarantee Fund of Ukraine and reformation of compensation limits, which brings the domestic insurance field closer to European standards of depositor’s protection. According to the results of attracting deposits from the top-9 commercial banks of Ukraine, tables have been formed, the data in which allow making conclusions about the leaders of the deposit services market and the amount of potential reimbursement. Proposals have been formulated to improve the deposit guarantee system, aimed at optimizing insurance schemes and relations in accordance with the threats to financial security as an objective phenomenon of a market economy and the conditions of globalization.

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